AI chip giant Nvidia beats expectations, but shares take hit [Video]

Artificial intelligence behemoth Nvidia on Wednesday said quarterly sales reached a higher than expected $30 billion in the last quarter, though that growth was slower than the furious pace seen in previous quarters.

Declared by Wall Street to be the world’s most important stock, the California-based AI chip-maker led by CEO Jensen Huang saw its share price fall by about four percent in after hours trading.

Even though sales and profit, which hit $16.5 billion in the period, more than doubled from a year earlier, investors showed nervousness that Nvidia’s extraordinary growth, spurred by the AI frenzy, may be showing signs of normalization.

The world’s biggest tech companies have invested tens of billions of dollars, quarter after quarter, into Nvidia’s powerful AI chips and software in order to get their ChatGPT-style AI models up and running.

Microsoft, Google, Meta, Tesla and Amazon all depend on Nvidia technology to train generative …